Boat FAQ

1. What is the Interest Rate?
Gulfcoast strives to offer the lowest rate and the best terms possible. Rates vary on the amount financed and age of the boat. Please call us at 1-727-578-5035 for a personalized rate quote or complete our online rate quote form.

2. What are the down payment requirements?
Marine Financing generally requires a 20% down payment. Gulfcoast does have 10% down and 15% down programs available for new and used boat purchases.

3. What is the smallest amount I can finance?
The minimum amount is $10,000. There is no maximum.

4. Is this a simple interest loan?
Yes all of Gulfcoast Funding's loans are simple interest loans.

5. What is LIBOR?
LIBOR is an abbreviation for " London Offered Rate " LIBOR is used as a base index for setting rates of some adjustable rate financing instruments, including Adjustable Rate Mortgages ( ARM'S ). Boat loans tied to LIBOR are variable loans but they usually are very attractive because LIBOR is lower and more stable than the New York Prime Rate.

6. Can I pay off my loan without a prepayment penalties?
Yes, most of Gulfcoast's marine loans have no prepayment penalties.

7. Are there any application fees or Closing costs?
Gulfcoast Funding does not charge an application fee. Closing costs are $590.00 for Coast Guard Documentation. ( New or Used Boats ) Which consists of the abstract of title and the Coast Guard Documentation. Gulfcoast Marine will service all the pre closing titling, registration and Coast Guard Documentation needed in order to complete the loan stipulations.

8. What is Coast Guard Documentation?
Boat loans over $100,000 your boat must be registered with the U.S. Coast Guard. Coast Guard documentation is the process of registering a vessel with the United States Coast Guard so Gulfcoast Funding can file a First Preferred Ships Mortgage to record our lien on a federal level for our Marine lenders.

9. How long will it take to process my application?
Gulfcoast can respond with a credit decision in one or two days with a complete loan package and the proper income verification.

10. How do I receive funding?
Gulfcoast Funding will fund your approved loan after all of the proper loan documents are signed. The funds are paid by check to the seller or we can make arrangements to wire the funds to the seller.

11. What type of boats can be financed?
Gulfcoast Funding finances new and used sail or power boats for pleasure purposes. We have many lending sources that allow us to finance older boats as well as new boats.

12. How do I apply?
Applications are available online or Gulfcoast will fax or mail you our credit application. The application also contains a personal financial statement Please complete and sign the application and personal financial statement and return them with two years of income verification in the form of your last two years 1040 tax returns. ( and supporting schedules ) Gulfcoast can obtain a credit decision in as little as one day. Gulfcoast's fax number is 1-727-578-8836.

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